Alibaba Crushes Revenue Forecast

The Chinese ecommerce giant Alibaba has reported its largest quarterly rise in revenue since 2014. Beating market forecasts by some way, the company saw a 60% annual increase in revenue for the first three months of 2017. During the quarter, it saw revenues of 5.6 billion US dollars. It also saw its monthly active users on mobile break the half-a-billion milestone. Retail and ecommerce accounted for 67% of its total revenue, down from 76% 12 months ago, showing that its entertainment, digital media and cloud services are becoming more important. The Singaporean ecommerce site Lazada, which Alibaba owns, also saw improvements in its results.